Business Directories

Asar advises Kufpec on $750m loan

Kuwait, August 11, 2013

Kuwait-based Asar – Al Ruwayeh & Partners, a leading law firm, and one of the region’s acted as law counsel to the lead arrangers and agents in relation to a $750 million syndicated loan to Kuwait Foreign Exploration Company’s (Kufpec).

The five-year syndicated loan will be used for Kufpec’s general corporate purposes and to finance its international expansion plans. The company is active in exploration, development and production of crude oil and natural gas in Africa, Middle East, Asia and Australia.

Asar provided legal counsel to an extensive range of leading local as well as international financial institutions.

Rob Little, partner at Asar, said: “We are proud to have participated in one of Kuwait’s landmark financing deals.

“This is a significant transaction on a number of levels, as, amongst others, it represents a new step towards further developing the country’s petroleum sector, while also demonstrating the enhanced appetite by commercial banks to finance the growth plans of companies which have solid fundamentals.”

“For Asar, it is a further great example of our expertise in advising major international as well as local financial institutions on complex deals, and our ability to provide robust legal advice for our wide range of clients,” added John Cunha, also a partner at Asar. – TradeArabia News Service